FOREWORDTrade is regarded as an ‘engine of economic growth’ as it has the pote ntial to spur sustainable, long-term economic development. Considering this fact, many developing countries are adopt ing the liberal economic and trade policies under the auspices of multilateral, regional and bilateral free trade agreements. Nepal has also pursued the open economic policies since mid 1980s which was accelerated in 1990s with the enactment of various pie ces of legislations including Privatization Act, Industrial Enterprise Act, Foreign Investment and Technology Transfer Act, Industrial Policy and Trade Policy, among others. It has acceded to the World Trade Organization (WTO) and also became the member of two regional trading blocs in 2004. Substantial works were taken up in the area of trade facilitation as the development of Inland Clearances Depots (ICDs), simplification of documents and procedures including customs reform and modernization and streamlining of transit movement of Nepalese trade. Nepal possesses vast potentials of promoting goods and services trade. Given the country’s diversified climate, topography and abundant natural resources there are ample opportunities to harness benefits by utilizing the available human capital and natural resources that could positively impact on living standards of the people. Trade development, thus, would be an instrument to create opportunities for marginalized and vulnerable groups of the society to participate and benefit from trade. Realizing the importance of trade and its multiplier effects in the economic development process, the Government of Nepal, introduced ‘Trade Policy’ in 1992 with a view to optimize the benefits from trade liberalization. The policy provided overall direction towards further liberaliz ation and diversification of the trading regimes and at the same time ushered Nepal’s trade to integrate at international level. In addition, it provided impetus to private sector for their active participation in the areas of trade and investment. Although the

Trade Policy, 1992 embodied several noble provisions, it was found insufficient to address the challenges and utilize opportunities created from integration of Nepalese trade and economy at multilateral, regional and bilateral level. Besides, the issues of promoting trade in services, protection of intellectual property rights, and implementation of facilitation measures were some of the crucial elements which were not foreseen by the policy. In addition, trade being a dynamic sector, its policy and strategies need necessary adjustment and revision to accommodate the changes taking place at the national and international level. Against this backdrop, Government of Nepal brought out the new Trade Policy in April, 2009 with a strategic vision of supporting the economic development and poverty alleviation initiatives through the enhanced contribution of trade sector to the national economy. The policy aims at; creating a conducive environment for promotion of trade and business in order to make it competitive at international level, minimizing trade deficit by increasing exports of value added products, increasing income and employment opportunities by enhancing competitiveness of the products and strengthening interrelationship between internal and foreign trade as complimentary and supplementary to each other. The policy further aims at ensuring economic development and eradicating poverty through increasing trade sector’s contribution to national ec onomy. However, there remain several challenges, particularly in its implementation. We hope that the challenges could be overcome through the collective and collaborative effort of the...

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